Agreed. The hype over LNKD is way over-done.
The main purpose of LinkedIn, for most users, is to get your resume out there.
So the main competitor to LNKD is Monster (MWW).
From my experience of being a member of both sites, it is far more likely to get a job or an interview through Monster.
And go figure, market cap of MWW is $500 million vs market cap of LNKD $20 billion.
No way is LNKD worth 40 times more than MWW.
A lot of LNKD users are not active (only logged on once to post their resume and that was it).
Browse around the site and you will see a large number of users with 0 or 1 contact.
Also, a lot of users are fictitious spamlike creatures.